| April’s market data is in and the Portland Area Market is still showing strong sale prices and quick movement on the market. Pending sales ended the month at 3,102 with the number of closed sales finishing out at 2,409. New listings rose to 4,210
Supply is still low compared to the high demand for housing. For detached single family homes, there were only about two months of inventory and a total of 2.2 months of inventory for all types of housing including condos and townhouses. Six months of inventory is considered a balanced market.
As always, pricing a home right is key in this type of market. Over-priced homes sit on the market for a lot longer. Last year, the momentum of seller’s market propelled through the market despite higher interest rates.
Average and median sale prices stayed pretty steady compared to last month’s numbers at $452,600 and $400,000 respectively. |
